I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Drybrook. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

The majority of houses in Drybrook are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Drybrook so you should seriously consider looking for a Drybrook conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.

I am attracted to a two flats in Drybrook which have about fifty years remaining on the leases. Will this present a problem?

There are plenty of short leases in Drybrook. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold property in Drybrook. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any top tips for leasehold conveyancing in Drybrook with the intention of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Drybrook can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers solicitors.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Drybrook leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such works. If you dont have the paperwork in place do not communicate with the landlord without checking with your lawyer first.

A minority of Drybrook leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.

If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved.

You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

We expect to complete the sale of our £400000 maisonette in Drybrook next week. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Drybrook?

For most leasehold sales in Drybrook conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Drybrook
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Drybrook leasehold premises is £350. For Drybrook conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

Drybrook Conveyancing for Leasehold Flats - A selection of Queries before buying

Who takes charge for maintaining and repairing the block? The answer will be important as a) areas can cause problems for the building as the communal areas may begin to deteriorate where services are not paid for b) if the tenants have a dispute with the running of the building you will need to have complete disclosure Does the lease contain onerous restrictions?

Other Topics

Lease Extensions in Drybrook